Most property owners in Ballito should have, by now, received notification of the new municipal valuations for their properties in the KwaDukuza area.
“This means that there are probably quite a few owners out there scratching their heads at the inflated valuation they have received, given that we are still in a recession and property values and rentals have yet to pick up”, says Louise Gibson, MD of Comprop (pictured).
She adds that the worrying part about these inflated values is their impact on rates payable.
Comprop, as active commercial property agents and managers in the Ballito area, were fortunate enough to have the opportunity to work in collaboration with E-Valuations during the recent valuation process.
Gibson explains that they brought to their attention that:
- Commercial properties in the Ballito area were overvalued
- High municipal rates and low occupancy rates impacted significantly on owners ROI
- Rental rates were generally low and
- Notwithstanding the economic situation, sales of commercial properties in the area were down mainly as a result of these factors
“After a long process of collating rental income streams and pages upon pages of spread sheets, we are delighted to note that the valuations of some of the commercial properties in Ballito have in fact been reduced,” she adds.
She advises that any property owners who have not yet received their valuations should go to the KwaDukuza Municipality website www.kwadukuza.gov.za
- Click on Council (left side of page)
- Click on Documents (left side of page)
- Click on General Valuation Roll 2011
There are separate valuation rolls for free hold and sectional title properties.
Should you wish to object to your valuation you have until 31st March 2011 to do so using the relevant documentation also available on the KwaDukuza website, Gibson adds.